The Federal Open Market Committee begins a two-day meeting Tuesday, and investors widely expect policymakers to set in motion another increase to short-term interest rates. Investors and economists will also be watching Fed Chairman Jerome Powell, whose comments during a Wednesday afternoon press conference, may offer a better picture of officials’ plans heading into 2019 and potential concerns over the economic impact of new import tariffs.

Stocks closed in negative territory Monday after the White House said President Trump would meet Rod Rosenstein, deputy attorney general, on Thursday, dialing back earlier reports that an immediate firing was possible.

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The Trump administration on Monday placed tariffs of 10 percent on $200 billion of Chinese products, with the tariffs set to go up to 25 percent by the end of 2018. Beijing's new levies, which also went into effect Monday, will be 5-10 percent.

China’s Shanghai Composite returned to trading following a holiday and traded down 0.76 percent.